The Swiss watch industry shows little sign of slowing down after reporting another rise in exports at the start of 2012.

Exports rose 16% in January, surprising many some observers who had expected a slowdown due to the current global economic uncertainty and record figures in 2011.

While China and Chinese tourists have long been the main drivers of export growth, the recent surge is also down to booming demand in the U.S. and also Japan, where consumers seem to be in the mood to spend again.

Longer term there are other reasons for watchmakers to be confident, with many countries hardly scratched as markets for expensive Patek Philippe, Omega and Piaget watches. The latter two brands are owned by Swatch Group and Compagnie Financière Richemont respectively.

Take Brazil for example, which in January had fewer Swiss watch exports than even crisis-hit Greece.

China is not only the world’s third largest export market for luxury Swiss watches, but tourists from the Middle Kingdom are also making a massive contribution in what is likely to be a record year for the industry.

Travelling Chinese are helping boost the Swiss market, which is heavily dependent on the tourist trade that has been hit by the soaring value of the Swiss franc. Around half to three-quarters of the Swiss watch sales are estimated to come from non-domestic buyers, a worrying figure when the latest tourism figures reveal less visitors from Germany, France, the U.S, Italy and the U.K.

But as their numbers have declined, the numbers of travellers from China have surged, up 63% this year. And many of them are buying watches, which often carry price tags of CHF10,000 (€8,000) upwards.

Richemont’s Piaget brand estimates around half of its Swiss sales come from tourists, the majority from China.